Category Archives: Stockbroker Discharged

Bradley Tennison-Discharged by Geneos Wealth Mgmt. After Customer Files Complaint-Mesa, AZ

May 2018-Mesa, AZ

The FINRA records of  Bradley J. Tennison ,  a  stockbroker who is not currently registered and who last was employed by  Geneos Wealth Management disclose a pending customer dispute , 2 prior customer disputes and 2  terminations from employment.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In the pending dispute in 4/2018,  a customer of Geneos Wealth Management alleges that in 2016 Tennison recommended that she wire $300,000 to an investment called “The Joseph Project“, which she understood to be a 12 month investment with a 5% enhancement. The customer alleges that she has not received statements or the return of any principal.

In the same month the customer complaint was received, 4/2018, Geneos Wealth Management discharged Mr. Tennison. Geneos states that they have been unable to locate any record of said investment and that Tennison has been “minimally responsive” to requests for information. Tennison had worked for Geneos since 8/2005.

In 8/2005 Tennison was discharged by his prior employer, Oberlin Financial Corp. for violations of firm procedure related to annuity switching.

If you have losses in an account in an account handled by Bradley Tennison , call for a no charge consultation with an experienced securities attorney to learn how you may be able to recover damages.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Hector May-Former Securities America Broker-Investigation Over Missing Client Funds-New City, NY

May 2018-New City, New York

Local press is reporting that Rockland/Orange County businessman and former Securities America stockbroker Hector May is being investigated by federal prosecutors on allegations of stealing money from his clients. May has operated Executive Compensation Planners in New City, NY since the mid 1980’s.

According to  FINRA records   May currently has one customer claim pending that alleges misappropriation of funds and there is a disclosure that the U.S. Department of Justice is conducting an official criminal investigation of May’s potential involvement in a suspected felony.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

May is a prominent member of the local business community and received the Rockland Business Association’s Pinnacle Award two years ago. Press reports suggest that the missing millions could be the result of a Ponzi scheme.

In a Ponzi scheme the perpetrator of the fraud uses some of the money from the new victims, who think the funds are being invested, to pay fake returns to the earlier investors. The balance of the new funds are used by the perpetrator of the fraud for personal expenses.

Hector May was a registered representative of Securities America from 8/1998 until March 2018 when he was fired. Securities America indicated the reason for the discharge was: “Misappropriation of client assets”.

If you have an account with Hector May and have questions about how it has been handled or believe you are a victim of fraud,  call for a no charge consultation with an experienced securities attorney to learn how you may be able to recover damages from May’s employer, Securities America.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Richard E. Poston-Former H. Beck Broker-Subject of $500K Customer Dispute-Plano, TX

May 2018-Plano, TX 

The FINRA records of  Richard E. Poston ,  a  stockbroker who is not currently employed in the industry, and who last worked for H. Beck in Plano, TX, discloses a pending customer dispute, 4 prior customer disputes and a termination from employment.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In March 2016 a customer of H. Beck filed FINRA Case # 16-0766 seeking $200,000 in damages and alleging that he was sold an unsuitable concentration of illiquid investments in non publicly traded real estate investment trusts (REITs) between 10/2007-9/2015. In July 2016 the case was settled for $185,000.

IN 7/2017 a customer of H. Beck filed FINRA Case 17-1789 alleging that Poston over concentrated their account with high risk, illiquid REITs and business development companies (BDCs) and is seeking damages of $500,000.

Poston was employed by H. Beck from 3/2010 until he was discharged in 12/2015 for failing to cooperate with an internal investigation. Prior to that he worked for a number of other brokerage firms in the Plano area, including LPL Financial.

Investors with losses in accounts handled by Richard E. Poston may be able to recover damages through FINRA arbitration, a method of dispute resolution that is typically much shorter in duration and far less costly that court litigation. We typically accept these cases on a contingent fee basis. Call for a no charge consultation.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Charles Lawrence-Former Morgan Stanley Broker-Subject of Regulatory Investigation- Palm Harbor, FL

May 2018-Palm Harbor, Florida

The FINRA records of  Charles J. Lawrence,  a  stockbroker who currently is employed by  R. F. Lafferty & Co.  disclose a pending regulatory investigation and a recent employment separation after allegations.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In March 2016, Lawrence was discharged from Morgan Stanley who made the following allegations on his FINRA record: “Allegations involving adherence to industry rules and/or firm policy regarding use of trading discretion.”

In January 2018 Lawrence was sent a Wells Notice indicating that FINRA has made a preliminary determination to recommend that disciplinary action be brought against him alleging potential violations of NASD Rules 2510 (Discretionary Accounts)  and 2310 (Recommendations to Customers) and FINRA Rule 2010 (Standards of Commercial Honor and Principles).

Lawrence  was registered with Morgan Stanley from 6/2009-4/2016. He has been registered with R.F. Lafferty since 4/2016.

What is Discretionary Authority ?

 In this context, it means that the broker makes trades in the customer’s account without first consulting the customer. It means that the broker can decide how much of a security to buy or sell, and at what price, without customer input. Generally discretionary trading in an investor account is only allowed if the investor has authorized the broker to do so in writing and the brokerage firm has approved the account for discretionary trading.

If a broker makes trades in an account without having discretionary authority and without first consulting with the customer, that is generally considered to be an unauthorized trade and the customer may be entitled to damages for any losses.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Sonya Camarco-Former LPL Financial Broker-Charged With Securities Fraud/Theft-Colorado Springs, CO

May 2018-Colorado Springs, CO

The FINRA records of  Sonya D. Camarco ,   a   former LPL FInancial broker was recently permanently barred from the securities industry by FINRA for failing to respond to a FINRA Notice of Suspension.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

Camarco has been charged with 25 counts of securities fraud and theft in a criminal proceeding pending in Douglas County, Colorado. According to the regulator statement on her FINRA disclosure report she withdrew funds from client accounts at LPL Financial  using third party check requests that were payable to C Investments and mailed to a post office box in Parker, Colorado. The checks were retrieved by Camarco who used the funds for her personal benefit.

There are several currently pending customer arbitrations on behalf of Carmarco’s victims.

Sonya Camarco was employed by LPL Financial from 2/2004 until 8/2017 when the theft was discovered and she was discharged.

If you have losses in an account  handled by Sonya Camarco, contact us for a no charge consultation to learn how you can recover damages.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney, at no cost to you.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870